Cessna sees sales, profit declines in fourth quarter

Revenue for Cessna Aircraft fell by $642 million in the fourth quarter compared to the same quarter of 2008.

Profit at Cessna declined by $170 million because of the lower revenues, although that was partly offset by cost cutting from work force reductions, the forfeiture of order deposits and a decrease of write-downs in its pre-owned aircraft inventory.

Cessna backlog at the end of the fourth quarter was $4.9 billion, a decline of $2 billion from the third quarter.

Cessna's parent, Textron, reported that its revenue was down 21 percent, to $2.8 billion, in the fourth quarter and recorded a net loss.

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